Work is underway at the former AVRC building in Cyber Park

Work is underway at the former AVRC building in Cyber Park to transform it into the North American headquarters of Overfinch, the British car company that customizes Range Rovers and transforms them into luxury vehicles.

Corrie Teague, Danville’s deputy economic development director, told the Industrial Development Authority on Tuesday that work was beginning on the project, and the IDA formally voted to approve taking out a $500,000 loan from American National Bank to pay for the renovations — part of the city’s agreement with Overfinch to prepare the building for its arrival.

Teague said NextGen Aeronautics would continue to lease space in the building, but that Daly Management LLC — which sold the building to the IDA in April for $1.1 million — is vacating its offices there.

In July, Overfinch announced its plan to open the plant in Cyber Park and said it would take 60-90 days to complete the renovations and hiring would begin this fall.

In other action, the IDA agreed to:

» seek refinancing of a $7.2 million bond taken out in 2013 to purchase the Schoolfield Mill site;

» pay $5,000 to move a natural gas line that cuts across property it owns at the corner of Loyal and Court streets so it can be used as a parking lot;

» allow the River District Association to place a lighted Christmas tree at the former Downtowner site at the corner of Main and Union streets for the holidays; and

» allow the River District Festival to use a parking lot near the former Dimon building — which now houses the Danville Regional Foundation and Averett University’s Riverview campus — for a classic car show during the River District Festival in October.

Denice Thibodeau is a reporter for the Danville Register & Bee. Contact her at dthibodeau@registerbee.com or (434) 791-7985.